As the News Blender reported Monday afternoon, Congressional leadership was said to be close to reaching a deal with President Trump’s Administration that would raise the debt ceiling before Congress recesses for summer.
Via Twitter on Monday evening, the President announced that a deal has been reached but offered no details.
I am pleased to announce that a deal has been struck with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker of the House Nancy Pelosi, and House Minority Leader Kevin McCarthy – on a two-year Budget and Debt Ceiling, with no poison pills….— Donald J. Trump (@realDonaldTrump) July 22, 2019
….This was a real compromise in order to give another big victory to our Great Military and Vets!— Donald J. Trump (@realDonaldTrump) July 22, 2019
As Snip Bytes reported, Treasury Steven Mnuchin warned that the government could default as early as September just after Congressional leaders return from their six week summer recess.
As the Wall Street Journal reported according to people familiar with the matter, the agreement would “increase spending by roughly $320 billion above limits set in a 2011 law, with domestic and military spending raised by equal amounts, they added that “nearly $80 billion of the spending agreement will be offset with other savings.”
CNN is reporting that Senate Minority leader Chuck Schumer (D-NY) along with Pelosi have issued a joint-statement that says since President Trump has been in office, Democratic leadership has been able to secure more than $100 billion in increases toward domestic policy spending.
Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office. After a long negotiation, we have only agreed upon offsets that were part of an earlier bipartisan agreementSchumer, Pelosi, joint statement via CNN.
The Washington Post is reporting that deal is already facing backlash from both Democrats and Republicans.
Sen. Patrick J. Leahy, the ranking Democrat on the Senate Appropriations Committee, said he was furious that the deal would not block Trump from using funds to erect a wall along the Mexico border, and Republican Study Committee Chairman Rep. Mike Johnson (R-La.,) said he was angry the package added so much money to the debt.The Washington Post.
According to them, the deal would last until July, 31, 2021, “meaning it would likely not need to be addressed again until the fall or winter of that year. And the two-year budget agreement would set spending levels through Sept. 30, 2022.”
For What It’s Worth.
Speaker Pelosi was negotiating the fine print of this budget deal from her aisle seat of a delayed Delta flight from Detroit. She’s had the phone pressed to her ear for much of the last three hours. For those wondering, she’s in coach. https://t.co/0W7xyy71qE pic.twitter.com/gYWs1gwtss— Jeff Zeleny (@jeffzeleny) July 22, 2019
Asked Ted Cruz if he’s OK with extending the debt limit for two years (as outlined in budget deal), and he said: “Just call our press office.” He led the charge during Obama years to prevent debt ceiling hike— Manu Raju (@mkraju) July 22, 2019
To be fair, this would not be the first time, the President has announced a deal, only for him to later change his mind.